Even billionaire investors are caught out like retail bears.
Back on May 12:
Legendary investor Stanley Druckenmiller says he doesn’t like the way the market is set up
Hedge fund manager Stanley Druckenmiller told the Economic Club of New York on Tuesday that, “the risk-reward for equity is maybe as bad as I’ve seen it in my career,” Druckemiller said, according to the organization’s Twitter account.
The hedge fund manager also said he thought the market was overreacting to news of progress on antiviral drugs, such as Gilead’s remdesivir. “I don’t see why anybody would change their behavior because there’s a viral drug out there,” he said, according the club.